Oil news and market movers: Iraq Oil flow back in play
- The reopening of the Iraq-Turkey oil pipeline would add 500,000 barrels per day to the market. Turkey has already signalled that it is open and ready to receive flow after it had to halt the pipeline output due to earthquakes in February 2023, Bloomberg reported.
- Iran sanctions are expected to have a muted impact on Oil prices, according to Jim Lucier from Capital Alpha Partners. Lucier pointed out that US President Joe Biden will not want to risk another increase in Oil prices, which could trigger another surge in inflation and might risk his reelection possibilities in the upcoming US elections in November.
- At 20:30 GMT, the American Petroleum Institute (API) is set to release the weekly Crude Stockpile Changes for the week ending April 19, which is expected to rise by 1.8 million from a build of 4.09 million barrels seen the week before.
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